Photo caption: Left Shri. Mallikarjuna Rao, MD & CEO, Allahabad Bank and Right Shri Sanjeev Nautiyal, MD & CEO, SBI Life
Kolkata, December 31, 2018: Allahabad bank country’s premier and oldest nationalized bank and SBI Life Insurance one of the largest private life insurers in India came together and signed a Bancassurance pact, to offer a holistic financial planning solution to consumers.
One of the largest Bancassurance partnerships in the country will see 3,238 branches of Allahabad bank across the country offer SBI Life’s range of protection, wealth creation, and savings products to its customers. This will empower the consumer to address their complete financial needs under one roof.
The agreement was signed in the presence of Shri CH.S.S Mallikarjuna Rao, MD & CEO, Allahabad Bank & Shri Sanjeev Nautiyal, MD & CEO, SBI Life.
Commenting on the significance of the landmark tie-up, Mr. Mallikarjuna Rao, MD & CEO, Allahabad Bank stressed about bank’s objective of offering wider choices of life insurance products to the customers under one roof and also augmenting on the non-interest income of the bank.
Speaking about the partnership, Mr. Sanjeev Nautiyal, MD & CEO, SBI Life Insurance said, “Our success in leveraging our Banca channel to add value for consumers gives us a reason to be thrilled about the opportunities that our partnership with Allahabad bank presents. Consumers will now have direct access to SBI Life’s range of protection, wealth creation, and savings products, providing a holistic financial planning solution”. He further added, “We believe strengthening our distribution network will go a long way in making insurance more accessible to the general public and our partnership with Allahabad bank is a step in that direction”.
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